UBS CEO urges Credit Suisse’s staff to remain focused on clients and the business

As the merger of UBS and Credit Suisse proceeds, UBS Chief Executive Sergio Ermotti has told Credit Suisse staff it is "critical" to remain focused on clients.

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"It is important for us not to allow the integration efforts to become a distraction," Ermotti said in the memo to the staff. "As we continue to strive to support our clients and maintain operational excellence, it is crucial that we remain focused on supporting our clients."

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The Swiss government announced last month that UBS was in the process of buying Credit Suisse in a shotgun merger that would prevent further banking turmoil in the wake of Credit Suisse's near collapse.

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Last week, UBS announced that it was rehiring Ermotti, its former CEO who led the bank from 2011 to 2020, to lead the takeover of UBS, which will create a bank with assets of $1.6 trillion and 120,000 staff, creating one of the world's largest banks.

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Ermotti said in his first communication to the Credit Suisse staff after assuming the role of UBS CEO that there would be a lot of "changes and hard decisions" to be made.

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Nevertheless, he tried to soothe the nerves of the employees who were anxious about a massive layoff and the upheaval that was about to follow.

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As a result of the merger, UBS will be aiming to reduce its workforce by 20%-30%, the Swiss daily Tages-Anzeiger reported at the weekend, citing an unnamed senior manager at UBS.

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During a meeting of UBS shareholders on Wednesday, Vice Chairman Lukas Gaehwiler said that it was still too early to speculate about job losses within the bank.

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Throughout the process of deciding the next steps for the company, Ermotti asked the staff to be patient.

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"We are in no position to speculate about the future state of the combined organization at this time, but you can be confident that we will treat all Credit Suisse and UBS employees fairly regardless of where they come from," he said.